In a significant strategic move, Zaggle has announced its decision to acquire Greenedge Enterprises Private Limited, marking a pivotal expansion in the corporate loyalty and rewards sector. The spend management company has secured board approval to purchase the entire equity stake of Greenedge for a consideration of up to INR 25 crore, involving the acquisition of 1,30,000 shares. The transaction is subject to the execution of a definitive Share Purchase Agreement.
Dual Investment Strategy
The transaction encompasses a two-pronged financial commitment. Beyond the initial acquisition cost, Zaggle has outlined plans to inject an additional INR 25 crore into Greenedge through a phased investment approach. This capital infusion will be executed in multiple tranches under a proposed share subscription agreement, bringing the total potential investment to INR 50 crore. This structured financing model suggests a performance linked approach, potentially tied to specific growth milestones and business objectives.
Strategic Synergies
Greenedge, established in 2009, brings specialized expertise in golf centric corporate loyalty programs and experiential rewards. The company has carved a niche in the B2B marketplace, delivering premium golf travel experiences, curated corporate engagement solutions, and access driven rewards. Its existing collaboration with the National Payments Corporation of India’s RuPay Card network adds significant operational value to the acquisition.
Dr. Raj P Narayam, Founder and Executive Chairman of Zaggle, emphasized that integrating Greenedge’s specialized loyalty experiences represents a significant milestone in enhancing corporate engagement capabilities. The golf based rewards and travel solutions are expected to enable Zaggle to deliver differentiated and compelling value propositions to its clients.
Market Position and Future Outlook
Zaggle, founded in 2011, operates in the B2B2C segment and ranks among India’s leading prepaid card issuers, having issued over 50 million cards through collaborations with 16 banking partners. The company serves more than 3,500 corporate clients across diverse sectors including finance, technology, healthcare, FMCG, and infrastructure, with a user base exceeding 3.3 million as of June 30, 2025.
This acquisition aligns with Zaggle’s objective of enhancing its Propel platform by integrating specialized engagement solutions into its ecosystem.
